Dollar improves on US jobs news

| May 6, 2005 | 0 Comments
Dollar improves on US jobs news

The U.S. dollar was higher against the euro and sterling on Friday as news emerged that more jobs than expected were created in the United States in April.

274,000 jobs were created, 100,000 more than had been expected.

Week-ending numbers had the dollar up 0.7 percent to $1.8922 in relation to sterling and 0.3 percent higher against the euro at $1.2825. However, the dollar was down 0.3 percent to ¥104.83 in relation to the yen.

The yen, meanwhile, was up on continuing speculation about a revaluation of Chinese currency. This speculation gained speed Friday when it was learned that Chinese central bankers will hold talks with U.S. Treasury officials on Monday.

The yen was up to ¥134.44 in relation to the euro, a three-month high. This was a 0.5 percent gain for the week.

The yen was also up 1 percent to ¥198.33 against sterling and up 0.9 percent in relation to the Swiss franc, to ¥86.90.

The week was not so good for sterling, which fell 0.5 percent against the euro for the week, to stand at £0.6776.

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